Max Healthcare Institute (543220) Q4 25/26 earnings summary

Executive summary

• Achieved 22nd consecutive quarter of year-on-year growth, with FY26 gross revenue up 16% to ₹10,538 crore and operating EBITDA up 14% to ₹2,638 crore; PAT after exceptional items rose 22% to ₹1,631 crore.

• Phased commissioning of over 20% additional brownfield capacity across multiple hospitals, including a 400-bed Max Smart tower and 160-bed Mohali tower; all beds to be operational in 2–3 months.

• Acquisition of a 58.28% stake in Kalinga Hospital completed in May 2026, marking entry into Eastern India.

• Board approved INR 1,400 crore investment for a new 700–712-bed greenfield hospital in Lucknow, with commissioning expected by FY30.

• Final dividend of ₹2 per equity share recommended, subject to shareholder approval.

Financial highlights

• Q4 FY26 gross revenue: ₹2,664 crore, up 10% year-on-year and 2% quarter-on-quarter; operating EBITDA: ₹682 crore, up 8% year-on-year and 5% quarter-on-quarter; EBITDA margin: 26.8%.

• FY26 profit after tax: ₹1,631 crore, up 22% year-over-year; consolidated net profit: ₹1,44,241 lakhs.

• Free cash flow in Q4: ₹581 crore; net debt at FY26 end: ₹1,908 crore; cash from operations: ₹1,541 crore.

• Pre-tax ROCE: 21.8% in FY26; consolidated basic EPS: ₹14.83 in FY26.

• Network operating EBITDA margin: 26.2% for FY26; annualized EBITDA per bed: ₹73 lakh in Q4.

Outlook and guidance

• Focus on scaling newly commissioned capacities, integrating Kalinga Hospital, and progressing expansion projects including Gurgaon and Lucknow.

• Additional 10% bed capacity to be added with Gurugram facility later in 2026; Lucknow hospital to be commissioned by FY30.

• 450-bed hospital in Pune and further brownfield/asset-light expansions planned.

• No major regulatory delays anticipated; some minor delays due to labor and supply issues.